'Leverage goes both ways...'
That is a lesson that many are learning in a painful manner as the army that enjoyed the momentum escalator ride up are now decrying the elevator plunge lower... and the poster-child for this pain is Korea.
Following anxiety over new Chinese competition, and disappointing earnings from SK Hynix overnight, Korea's stock market has plunged 44% from its record highs in June (but remains up 27% YTD still)...
Triggering yet another circuit-breaker...
You didn’t pray hard enough
— zerohedge (@zerohedge) July 29, 2026
The Kospi Index slid as much as 12.6%, triggering a circuit breaker for a second straight day. The gauge is on course for a record monthly loss of ~35%. https://t.co/PmULRxoa1Y
And prompting panic among Korean regulators:
As Bloomberg reports, South Korea will hold an emergency meeting Wednesday evening to discuss the market situation after a stocks rout that has wiped billions of dollars off investors’ holdings. The meeting, hosted by Finance Minister Koo Yun Cheol, will involve all of the country’s top financial a
